Mubadala Development Co., an Abu Dhabi government-backed investor that announced an $8 billion joint venture with General Electric Co. last year, aims to triple its assets in three years, a company official said.
“That is a very realistic and achievable target,” Matthew Hurn, Mubadala’s executive director of group treasury, said in an interview late yesterday in London. “We’re long-term, patient developers and deployers of capital; which means that actually a lot of the benefit doesn’t come back until the plans are operational.”
Abu Dhabi, which holds about 8 percent of the world’s oil reserves, is investing in other industries as it seeks to diversify its economy. It is targeting aerospace, energy, water and health care as key industries. Mubadala’s investments include private equity firm Carlyle Group and Ferrari SpA.
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